Chinese Growth Slows Sharply
The release of data indicating a significant slowdown in economic growth in China during the second quarter has dampened sentiment in Europe, given China's status as a crucial export market for the region's largest companies.
Investors React to Chinese GDP Figures
Chinese gross domestic product (GDP) expanded by 0.8% in the second quarter, slightly surpassing expectations of 0.5% growth, but exhibiting a significant deceleration compared to the 2.2% growth observed in the previous quarter.
European Central Bank (ECB) Speakers Awaited
While Monday's economic data calendar is relatively light, market participants will closely monitor speeches by ECB Board members, including Fabio Panetta, Frank Elderson, and Philip Lane, as well as President Christine Lagarde, for insights into the central bank's stance ahead of its upcoming policy-setting meeting.
Quarterly Earnings Season Begins
The arrival of the quarterly earnings season gains momentum this week, although Monday's schedule is relatively light in terms of earnings releases.
Russian State Takes Control of Danone's Russian Subsidiary
President Vladimir Putin's recent decree resulted in the Russian state acquiring French foods giant Danone's Russian subsidiary and beer company Carlsberg's stake in a local brewer, causing slight declines in the stocks of both companies.
H&M Expands into Brazil
Fashion retailer H&M announced plans to launch physical stores and online operations in Brazil by 2025, leading to a marginal decline in the company's stock.
Upcoming Earnings Reports and Oil Price Dip
Tesla will be among the prominent growth and technology companies reporting earnings this week, while concerns about economic recovery following weak Chinese GDP data contributed to a decline in oil prices, compounded by the resumption of production at two Libyan oil fields.
Oil and Gold Futures, and EUR/USD Exchange Rate
Crude oil futures, specifically U.S. crude and Brent, experienced a 1.1% decrease amid worries about the global economic recovery and increased supply due to resumed production at Libyan oil fields. Gold futures declined by 0.4%, while the EUR/USD exchange rate saw a marginal 0.1% increase.